Despite a strong start to 2024, Amazon's second quarter earnings report disappointed, with lower net sales and a cautious consumer sentiment impacting forecasts.
CFO Brian Olsavsky noted that shoppers were being more 'cautious,' particularly affecting sales during the Prime Day event as people trimmed budgets.
Amazon Web Services continues to see growth with net revenue reaching $25 billion in Q1, as customers make longer-term commitments and larger deals.
CeO Andy Jassy emphasized the fluctuating profit margins in AWS, attributing it to the company's ongoing investments in AI-driven technology.
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